Using setTimeout

JavaScript

$(document).ready(function(){
    $("<span id='test'>Preparing...</span>").appendTo("body");
    window.setTimeout(intervalComplete, 3500);
    $("span#test").text($("span#test").text() + "Started...");
    function intervalComplete(){
        $("span#test").text($("span#test").text() + "Completed...");
    }
    $("span#test").text($("span#test").text() + "Still Waiting...");    
});